Brockton, MA- The South Eastern Economic Development (SEED) Corporation has loan funds available for small businesses in the City of Brockton, and is seeking loan applications. “We would like to reach out to businesses in Brockton which need loans for working capital, equipment or real estate,” stated Maria Gooch-Smith.
SEED is working with the City of Brockton, the Brockton Redevelopment Authority, the Brockton 21st Century Corporation, and the Metro South Chamber of Commerce to reach out to Brockton Businesses.
SEED can lend up to $200,000 for working capital, equipment, furniture and fixtures, and real estate. The term on the loans is up to 10 years with longer repayment periods, if necessary. These loans can be made in participation with local banks. Interest rates range from 5 to 6 percent fixed depending on whether there is bank participation.
Micro loans up to $50,000 are also available for existing and start-up small businesses including home based businesses. Loan funds can be used for: working capital, inventory, machinery and equipment, furniture and fixtures and refinancing business credit card debt with high interest rates. The term on the loans is up to six years and the current rate is 6 percent fixed.
Under the SBA 504 Program, SEED can provide up to 40 percent of the financing needed in participation with a bank for the purchase of buildings and equipment for the use of the business. SEED’s portion can range from $120,000 to $5 million for most small businesses, and $5.5 million for manufacturing businesses, at a fixed interest for 20 years, currently 5 percent.
The following are Brockton businesses recently financed by SEED: Domingas Hair Salon; M & M Seafood, Inc.; McGrath Enterprises, Inc.; New England Baling Wire, Inc.; Pool N’Play, Inc.; Starr Psychiatric Center, PC; Stephen W. Sutton, PC; and Sun Ride Transit.
SEED is a non-profit economic development corporation certified by SBA in 1982 to assist small businesses in the region. Under various loan programs, SEED makes loans from $1,000 to $5.5 million to assist small businesses to grow and create jobs.
SEED also provides technical assistance to small businesses and works with other economic development organizations and financing institutions in Brockton to ensure that individuals who are committed to owning and operating a small business are able to obtain the assistance they need to be successful. For a loan application, more information about SEED’s Loan Programs, and a list of free entrepreneurial workshops, please call 508-822-1020 or visit www.seedcorp.com.
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